Saudi Arabia sees no clear results from Russia price cap yet

As said by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, it’s still unclear what impact European sanctions and the Russian oil price cap have had on the economy.

Speaking at a forum in Riyadh on December 11, Saudi energy minister highlighted that some of the above-mentioned measures came into force on December 5 and they saw the state of uncertainty in the implementation. The majority of the restrictive measures still haven’t been fully approved and are subject to changes in line with the political requirements. 

He added that Russia's reaction and what actions it would take in response were also not clear. This is the reason why they can’t assess the actual impact the sanctions could have on global markets. 

Other factors that haven’t brought clear results yet are easing anti-COVID policy in China and interest rate hikes by central banks. The impact on China’s economy and global economy from restrictions still needs time.